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Futures Back From Overnight Highs

10 August 2017
By Kyle Shortland
     
Please click on this link to access MNI's daily European FI Technical Analysis
Pdf - http://tinyurl.com/nhjogts
BUND TECHS: (U17) 163.51 Support Key Today
*RES 4: 164.79 Low June 21 now resistance
*RES 3: 164.43 Low June 19 now resistance
*RES 2: 164.13 Low June 16 now resistance
*RES 1: 164.04 High June 28
*PREVIOUS CLOSE: 163.73
*SUP 1: 163.51 High Aug 4 now support
*SUP 2: 163.25 Low Aug 9
*SUP 3: 163.17 55-DMA
*SUP 4: 163.03 Low Aug 8
*COMMENTARY: Bulls regained the upper hand with the close above 163.51 that sees
immediate pressure on 164.04-13. Bulls now need a close above 164.13 to add
support to their case for a move targeting 165.44-55. O/B daily studies and the
Bollinger top (163.79) remain concerns for bulls. Layers of support are building
with bears needing a close below 163.51 to gain breathing room and below the
55-DMA to shift initial focus back to 162.50-63.
BOBL TECHS: (U17) Bears Need Close Below 132.46
*RES 4: 132.97 Falling daily TL 
*RES 3: 132.95 High June 21 
*RES 2: 132.85 High June 26 
*RES 1: 132.66 High Aug 9
*PREVIOUS CLOSE: 132.55
*SUP 1: 132.50 Hourly support Aug 9
*SUP 2: 132.46 High Aug 8 now support
*SUP 3: 132.40 Low Aug 9
*SUP 4: 132.30 Hourly support Aug 7
*COMMENTARY: Bullish confidence received a boost following Wednesday's rally and
close above 132.48 that sees bulls focused on 132.85-98. O/B daily studies and
the Bollinger top (132.65) remain concerns for bulls. Layers of support remain
with bears needing a close below 132.46 to ease bullish pressure and below
132.40 to shift focus back to 132.09-23. Below 132.09 is needed to initially
target 131.82-132.03 where the bull channel base and 21-DMA are noted.
SCHATZ TECHS: (U17) 112.020/055 Support Region Key
*RES 4: 112.180 High June 14 
*RES 3: 112.160 55-WMA 
*RES 2: 112.140 21-WMA 
*RES 1: 112.130 High Aug1
*PREVIOUS CLOSE: 112.110
*SUP 1: 112.100 Hourly support Aug 9 
*SUP 2: 112.055 Low Aug 7, Daily bull channel base 
*SUP 3: 112.050 100-DMA 
*SUP 4: 112.030 21-DMA, 55-DMA
*COMMENTARY: Layers of support confirmed significance with the contract bouncing
to pressure the 112.130 resistance. Bulls now look for a close above 112.13 to
add support to their case with above the 55-WMA to reconfirm a bullish bias
targeting 112.180-230. The 112.020-055 support region remains key. Bears need a
close below 112.020 to confirm break of key DMAs and the bull channel base,
shifting immediate focus back to 111.950-970.
GILT TECHS: (U17) Bears Need Close Below 127.06
*RES 4: 129.19 Monthly High June 14 
*RES 3: 129.01 High June 15 
*RES 2: 128.68 High June 21 
*RES 1: 127.56 High Aug 9
*PREVIOUS CLOSE: 127.40
*SUP 1: 127.06 Low Aug 9 
*SUP 2: 126.76 Hourly resistance Aug 7 now support 
*SUP 3: 126.50 Hourly support Aug 3 
*SUP 4: 126.21 Hourly resistance Aug 2 now support, 21-DMA
*COMMENTARY: The close above 127.35 reconfirmed the bullish bias and sees bulls
focused on 128.68-129.19 where June highs are located. The Bollinger top
(127.38) is the key concern for bulls with potential to limit follow through.
Initial support is noted at 127.06 with bears needing a close below to ease
bullish pressure and below 126.50 to shift focus back to 125.62-126.21 where the
21-DMA is located.
SHORT-STERLING TECHS: (Z17) Bulls Need Close Above 99.650
*RES 4: 99.690 2017 Highs June 12 & 13
*RES 3: 99.678 Weekly Bollinger band top
*RES 2: 99.650 High June 21
*RES 1: 99.640 Bollinger band top, High Aug 7
*PREVIOUS CLOSE: 99.630
*SUP 1: 99.620 Low Aug 8 & 9
*SUP 2: 99.600 Low Aug 4
*SUP 3: 99.588 55-DMA
*SUP 4: 99.582 21-DMA
*COMMENTARY: Hesitation ahead of 99.650 is less than ideal for bulls who look
for a close above to add support to their case for a test of 99.690 2017 highs.
Initial support is now noted at 99.620 with bears needing a close below to gain
breathing room and below 99.600 to shift focus to key DMAs 99.582-588. The
Bollinger top (99.646) is the key concern for bulls with potential to limit
follow through.
EURIBOR TECHS: (H18) Bears Need Close Below 100.275
*RES 4: 100.360 - High Oct 6 
*RES 3: 100.330 - High Oct 19 
*RES 2: 100.305 - 2017 High June 14 & 22 
*RES 1: 100.300 - High July 25, High Aug 3 & 9
*PREVIOUS CLOSE: 100.290
*SUP 1: 100.285 - Repeated daily lows July & Aug
*SUP 2: 100.280 - 55-DMA
*SUP 3: 100.279 - Daily Bull channel base
*SUP 4: 100.275 - Alternating daily support/resistance
*COMMENTARY: Despite O/B daily studies correcting, bears failed to manage a
break of 100.285. Bears need a close below 100.285 to ease bullish pressure and
below 100.275 to shift focus back to 100.244-259. While 100.285 supports bulls
retain the upper hand and focus on a break of 100.305 needed to target the
100.330-360 region. The Bollinger top (100.307) remains the key concerns for
bulls as studies correct back to neutral levels.
US 10-YR FUTURE TECHS: (U17) Topside Follow Through Lacking
*RES 4: 127-080 - Monthly High June 14 
*RES 3: 126-290 - High June 26 
*RES 2: 126-180 - High Aug 9 
*RES 1: 126-140 - Hourly resistance Aug 9
*PRICE: 126-070 @ 0430GMT
*SUP 1: 126-050 - Low Aug 9
*SUP 2: 126-000 - 21-DMA
*SUP 3: 125-290 - Low Aug 8
*SUP 4: 125-180 - 100-DMA
*COMMENTARY: Despite taking comfort in support emerging around the 21-DMA, the
lack of topside follow through Wednesday is a concern for bulls. The Bollinger
top (126-160) remains a concern and currently limits follow through. Bears now
look for a close below 126-050 to shift focus back to 125-290/000 where the
21-DMA is located and below 125-290 to initially target 125-150/180. Bulls now
need a close above 126-180 to focus on 126-290/127-080.
US 10-YR YIELD TECHS: 2.258 Resistance Key Today
*RES 4: 2.319 - 200-DMA
*RES 3: 2.289 - High Aug 4 & 8
*RES 2: 2.276 - 21-DMA
*RES 1: 2.258 - High Aug 9
*PRICE: 2.250 @ 0430GMT
*SUP 1: 2.230 - Hourly resistance Aug 9 now support 
*SUP 2: 2.212 - Low Aug 9 
*SUP 3: 2.205 - Daily Bull channel base 
*SUP 4: 2.177 - High June 21 now support
*COMMENTARY: The recovery from the sell-off Wednesday is less than ideal for
bears who now need a close below 2.212 to reconfirm focus on tests of 2017 lows.
Layers of resistance remain with bulls needing a close above 2.258 to gain
breathing room and above 2.289 to shift immediate focus to 2.319-337 where the
bear channel top is located. Overall bulls now need a close above 2.337 to shift
focus to 2.398-2.437.
EUROSTOXX50 TECHS: Key Resistance Layers Capping 
*RES 4: 3517.69 55-DMA 
*RES 3: 3509.85 Alternating hourly support/resistance 
*RES 2: 3490.49 Alternating daily support/resistance 
*RES 1: 3474.71 Hourly resistance July 9
*PREVIOUS CLOSE: 3468.45
*SUP 1: 3452.74 Low Aug 9 
*SUP 2: 3438.15 Low Aug 4 
*SUP 3: 3431.19 Low July 24 
*SUP 4: 3407.33 Monthly Low Apr 19
*COMMENTARY: Layers of resistance 3517.69-3555.37 where key DMAs and the bear
channel top are located have again capped attempts to break higher with bulls
needing a close above 3555.37 to confirm a bullish bias and initially target
3615.06 with overall focus on 2017 highs. Focus has again returned to the
3431.19-3438.15 support region. Bears need a close below 3431.19 to confirm
focus on 3471.42-3390.04 where the 200-DMA (3377.79) is situated.
--MNI Beijing Bureau; tel: +44 207-862-7435; email: kyle.shortland@mni-news.com
[TOPICS: MTABLE]